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Alphamin Resources Corp. intends to raise up to C$16.0 million, or about US$12 million, through a nonbrokered private placement to finish its Bisie tin project in the Democratic Republic of the Congo.

The company is offering up to 79.8 million equity units at 20 Canadian cents apiece, with each unit comprising one share and one warrant exercisable at 30 cents for 36 months.

Alphamin announced in early March that it was in discussion with lenders to provide a working capital of up to US$12 million to cover the estimated C$9 million shortfall in project funding that was caused by various delays.

In a March 19 release, the company said it determined to not seek a loan and proceed with a private placement, up to 60% of which are expected to be subscribed by company insiders.